Can They Afford to Do It?

New report out today from Divided We Fail that shows Generations X and Y are thinking about their future financial security – that they are not as prepared for it as they should be and they know it.
In the survey, 86 percent of Gen Xers and Gen Yers know they should be more prepared for a “rainy day,” many report that they know more about their iPod (40 percent very knowledgeable) than they do about filing their taxes (26 percent), buying a home (21 percent), investing outside of work (15 percent) and saving for retirement (15 percent). Also, three out of four Gen Xers and Gen Yers said saving for retirement is a personal financial goal, and an overwhelming majority (92 percent) feels that they can achieve their most important financial goals in the next ten years. However, many younger Americans grade themselves poorly when it comes to saving money (42 percent gave themselves a D or F) and investing their money outside the workplace (47 percent gave themselves a D or F).
At least we know what we aren’t doing – it’s the first step towards change, right?